This week, new clients of mine wondered what their options were for a downtown condo that would qualify for the VA loan program. The Department of Veteran Affairs loan program is available to those military veterans and active duty personnel that have accumulated enough service time to be eligible for the favorable terms afforded by this loan program. Benefits over conventional loan programs include market interest rates, reduced down payment requirements, no monthly mortgage insurance,…
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I finally got around to analyzing the September Seattle condo sales data! Below are some interesting observations and those beloved charts. Last year we saw a drop in sales from August to September of over 20%. This year we saw as many sales in September as we did in August. Prices are holding steady. Median prices have been exactly $250,000 for the last three months. Inventory continues to be tight at about 40% fewer listings…
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The Federal Housing Authority (FHA) recently changed several of its outdated and controversial guidelines, which might help those looking to buy or sell a condo. Rule changes are “temporary” but include things such as increases to the allowance on percentage of commercial space within a condo project, increased flexibility on percentage of delinquent HOA dues, less liability for HOA Board Members who sign off on the FHA application, as well as allowances for increases in the number of units that can be rented at one time or owned by one person in a building. All of these changes have the…
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Recently a client emailed me a great question that we felt many people would benefit from knowing the answer to. “Marco, I recently received a tax assessment notice in the mail and it showed my condo value has gone down since I bought it earlier this year. But I’m seeing condo prices in the area are increasing. Should I appeal to the tax assessor’s office to increase my tax assessment to be more in line with recent market sales, as I’m afraid this might hurt my condo’s value now and in the future? I realize this might mean my annual…
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July 2012 market data is in. Here’s what you need to know and a bunch more. July 2012 saw 40% more sales than July 2011 showing continue evidence of a gradual recovery. Median prices came in at $250K (within the $235-$270 range we’ve been seeing since March). Inventory continues to shrink with only 576 units on the market, the lowest number of condos on the market in the last 6 months. While most of the neighborhoods had a seasonally expected dip, Queen Anne/Magnolia actually had a month-over-month increase of 25% in condo sales (compared to a 50% decrease in over…
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June numbers are in and the Seattle condo recovery story appears to be an encouraging, if slightly boring trend (much like our national economy). At a macro level, after a more sluggish 1Q12, the Seattle condo market is clearing it’s fairly modest inventory quite regularly. Sales were up slightly every month for the year 2012 including June 2012. Median prices were as steady as a rock holding between $260-$270k for the last 3 months (though this was up considerably over our Jan-Feb median price of $200-210k). Inventory has also been steady at around 600 listings since March (though down over…
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May 2012 data is in and here are some key highlights! Sales continue to climb; in fact, they’ve improved around 20% month over month since February. Median prices on the other hand have inched up but seem pretty stable since March 2012. On the other hand, May 2012 was the first time in a very long time that a given month’s 2012 median price was higher than the same month in 2011. Perhaps because of the strong sales, our inventory is shrinking with the fewest listings on the market all year. By Wendy Leung with Seattle Condo Review: A guide…
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Folks the March numbers are in and I’ve assembled a whole slew of charts and tables for your pleasure. For those of you who aren’t into curling up with a hot cup of coffee and staring at numbers, here are 4 highlights. 1. Even though there was 40% less inventory this March versus last March, there was about the same number of actual condos sold. 2. Number of units sold was up over 20% in March 2012 compared to Feb 2012. First time we saw that big of a month over month improvement in a long time. 3. March 2012…
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Puget Sound Business Journal and Seattle Times PI recently reported about the lawsuit brought on by Queen Anne High School homeowners against the project’s developer. The judge has ordered the developer to pay QAHS’s HOA $9.4 million in liability and…
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Back in April, I put together some charts on bank owned and short sale properties in Seattle looking at how long it takes to close on these types of properties. This time we are going to look at which neighborhoods…
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